Business Daily from THE HINDU group of publications
Tuesday, Jan 23, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jan 23, 2007 ePaper |
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Marketing
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Strategy Corporate - Diversification Citizen clocks into machinery biz Our Bureau
The company hopes to continue "investing heavily to ensure an annual growth of 30-40 per cent."
ON EXPANSION MODE: Mr Makoto Umehara, President and CEO, Citizen Watches Co Ltd, at a press conference in Bangalore on Monday. — G.R.N. Somashekar
The Citizen Machinery Company, which makes parts for communication devices, automobiles, office automation, medical equipment, electrical appliances and industrial products, has set up a representative office in Bangalore. It will begin sales operation from April 1. The machinery division has already procured orders to supply to the automotive industry. However, the company declined to name the client(s).
Tremendous potential
Mr Makoto Umehara, President and CEO, Citizen Watch Co Ltd, said: "The intensified demand from expanding sectors in India like automobiles, cellular phones, medical equipments and electrical appliances, which need high precision machinery has prompted us to foray into the Indian market, which holds tremendous potential for growth." The Citizen group has nine divisions, which include watches, jewellery, electronic devices and precision machinery. Meanwhile, the watches and clocks division, which contributes about 37 per cent of the company's global sales ($2.8 billion), will get a greater thrust in India. Citizen, currently, has about 40 exclusive showrooms (called First Citizens) and is present in over 300 multi-brand outlets in the country. It aims to have 100 First Citizens showrooms by the end of 2008 and will be present in over 500 multi-brand outlets by the end of this year. Citizen India expects to finish 2006-07 with a sales turnover of Rs 60 crore. The company has been investing $4 million in India every year since 1998 and it hopes to continue "investing heavily to ensure an annual growth of 30-40 per cent".
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